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NCDEX Mustard Seed may trade 3874-3948 levels
Commodity Online | April 17 2018
UPDATED 11:30:16 IST

Zinc market under long liquidation; Resistance seen at 215.4

Copper market under short covering; Support seen at 456.2

Natural Gas market under short covering; Support seen at 182.1

MCX Cotton market under long liquidation

Long liquidation seen in MCX Cardamom

Technically NCDEX Mustard Seed is under fresh selling as market has witnessed gain in open interest by 1.19% to settled at 123140 while prices down -18 rupees.

Now Rmseed is getting support at 3892 and below same could see a test of 3874 level, And resistance is now likely to be seen at 3929, a move above could see prices testing 3948.

Mustard Seed on NCDEX settled down by -0.46% at 3909 tracking weakness in spot demand amid anticipation of increasing arrivals.  However downside seen limited amid reports of buying by government agencies and increasing crushing parity.

The UP government announced to start buying mustard and Chana at MSP from 15 April in 25 districts. The Rajasthan govt had announced to start the buying from 10 April but haven't received any buyers while Gujarat government will be buying mustard at the MSP from 20 April.

The National Agricultural Cooperative Marketing Federation of India had procured 487 tn of mustard at minimum support price from farmers in Rajasthan and Haryana, an official with the agency said.

The agency bought 218 tn of mustard from 104 farmers at 20 centres in Rajasthan, and 269 tn from 143 growers at 10 centres in Haryana. The states are the leading growers of the oilseed. NAFED started procuring the commodity after market prices slipped below the minimum support price of 4,000 rupees per 100 kg.

The Centre has approved procurement of 800,000 tn of mustard in Rajasthan and 237,250 tn in Haryana. The decline in prices has been attributed to subdued buying by millers, as well as rising new crop arrivals in key markets.

Oil mills across the country crushed 375,000 tn of mustard seed, up 15% on month, according to data compiled by the Mustard Oil Producers Association of India. In Alwar spot market in Rajasthan the prices dropped -12.9 Rupees to end at 3844.75 Rupees per 100 kg.   

Trading Ideas:   

--Rmseed trading range for the day is 3874-3948.

--Mustard seed prices dropped tracking weakness in spot demand amid anticipation of increasing arrivals.

--Oil mills across the country crushed 375,000 tn of mustard seed, up 15% on month, according to data compiled by the Mustard Oil Producers Association of India.

--NCDEX accredited warehouses mustard seed stocks gained by 7409 tonnes to 67375 tonnes.

--In Alwar spot market in Rajasthan the prices dropped -12.9 Rupees to end at 3844.75 Rupees per 100 kg.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 250 7500.00
Coconut Oil 0.1 23000.00
Arecanut 2 2850.00
Sugar NR 3350.00

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